Meta is reportedly laying off employees from Facebook that could cut thousands of jobs (at least 12,000 or about 15 percent of its workforce). According to an Insider report, senior executives are in the process of laying off poor performing employees.
Several employees told Insider that the workforce could be cut by 15 percent over the next few weeks. That means some 12,000 workers could soon be fired.
“It may look like they’re on the move, but the reality is they’re being forced out,” the employee told Insider.
Facebook employees have been on layoffs for months as the social networking giant put a halt to recruitment.
After this disclosure, the stock price of Meta reached close to $ 380 per share. The company’s stock has fallen 60 per cent in the last one year.
Meta founder and CEO Mark Zuckerberg has made it clear that hiring is on hold across all departments, warning that more layoffs are on the way.
According to reports, Zuckerberg made these comments during an internal call to employees.
During a previous Meta Earnings call, Zuckerberg noted that “we plan to continue to reduce headcount growth over the next year. Many teams are going to be reduced so we can move energy to other areas.”
In May, Zuckerberg announced a hiring freeze affecting certain segments of Meta.
However, they have now extended the hiring freeze to all departments and verticals.